My mortgage payment went from $1,800 a month to $2,600 a month. I tried to refinance but was not accepted because my husband's income was not secure. He is a construction worker and sometime he has work and sometime he doesn't. I tried selling my house but the market is very bad. Since I didn't have much equity on the house I was going to end up paying. I decided not to make the mortgage payments and wait for the forclosure. I want to now what is going to happend now. Will the bank take my cars and personal belongings? Please if anyone went thru this already let me know what to expect.
2007-11-29 12:41:44 · 4 answers · asked by reyes 1 in Business & Finance ➔ Renting & Real Estate
Hi! Sorry to hear about your situation. Don't feel so bad you are not the only one in the forclosure process. Foreclosures have risen greatly in the past few months and probably will continue for awhile. The foreclosure process varies from state to state but most states have "foreclosure by power of sale". Basically you have 90 days from the Notice of Default (NOD) file date to resolve the mortgage default. After 90 days the appointed trustee sets a Trustee Sale, which is about 21 days later.
But please do not wait to the last minute. We help foreclosure victims such as yourselves to resolve your mortgage problems and either save your home or try to get your lender to do a "short sale". The more time you have to resolve your financial crises the better.
From what you have said, I would consider what is called a "short sale". There are a few other options you can do as well. One of the best things you can do is discuss your options with your lender. You really need to educate yourself on the foreclosure process though. Here are some sites to look at.
http://www.all-foreclosure.com/forchelp.htm
http://www.youtube.com/watch?v=NrhFl9HbDRA
If we can be of any assistance, just e-mail me and I will get back to you asap.
Best of Luck!
2007-11-29 14:10:53 · answer #1 · answered by robz_19 2 · 0⤊ 0⤋
Some of my clients have gone through foreclosure. after 2 months of not paying they will send you a letter asking for a forebarence agreement (payment plan) after 3 months of no payments then they file the foreclosure action with your local court. They then serve you with papers to appear in court. After the court date you have an aloted time to move out. Then your house goes up for auction. I suggest you sell your house as a short sale and save your credit. You CANNOT remove a foreclosure from your credit. Even if a credit repair company can take out the judgement (i have seen it happen), they cannot remove the codes showing foreclosure on your mortgage history.
Save your credit if you can.
2007-11-29 14:13:35 · answer #2 · answered by Suzzie Q 2 · 0⤊ 0⤋
With all due respect to previous respondants, I'm sure their answers are correct for the state in which they live, but they may be *incorrect* for the state that *you* live in. Since you didn't tell us, then no one can properly answer your question because each state has its own foreclosure rules and timelines. Also, some states allow deficiency judgements, which means the lender can sue you for the value of other assets.
2007-11-29 18:46:51 · answer #3 · answered by Anonymous · 0⤊ 0⤋
No personal property or cars.
Only the house.
2007-11-29 13:14:54 · answer #4 · answered by teran_realtor 7 · 0⤊ 0⤋